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Chautauqua County committee approves transfer of Hangar A, agrees to forgive remaining IDA bond balance
Summary
The Audit & Control Committee voted to confirm transfer of Hangar A at Jamestown Airport from the CCIDA to Chautauqua County and to retire an $81,371 IDA bond balance; county officials said the hangar’s value and marketing options make transfer prudent.
Chautauqua County’s Audit & Control Committee on Dec. 11 approved a resolution to confirm transfer of Hangar A at Jamestown Airport from the Chautauqua County Industrial Development Agency (CCIDA) to the county and to retire an outstanding bond tied to the property.
Mark Geist, deputy county executive for economic development and CEO of the IDA, told the committee the hangar was built in the mid-1990s using proceeds of a $252,000 IDA bond and that bond language restricts repayment to revenues derived from the project and limits recourse to the agency’s interest in the hangar. Geist said lease payments ceased to be applied to the bond after the county took over leasing responsibilities in 2020 and that the outstanding bond balance is $81,371.
Committee members asked for clarification on title and accounting. John McNamara, airport manager, said the county holds title under the lease terms and that the county has been collecting rental income since taking over leasing. Members pressed whether the county would be assuming the debt; Geist said the bond documents tie debt service to project revenues only and the IDA’s liability is enforceable only against the agency’s interest in the project, so the county’s resolution would forgive the remaining balance rather than create a new county liability.
The committee and staff also discussed the hangar’s condition and market prospects. Geist and McNamara said the hangar has been improved (office space, heat, overhead doors) and estimated its value “well in excess of $500,000.” They described recent efforts to market the space, including prior requests for proposals that drew interest but were hindered by equipment and personal property remaining on site. Staff said they have reclaimed some collateral through auction (recovering roughly 20% of amounts lent) and are working to clear remaining equipment so a reissued RFP can attract wider interest — from general aviation private hangars to aerospace or light manufacturing that meets the airport’s aviation-use requirement.
The committee approved the resolution by voice vote. Next steps discussed included completing site cleanup, reissuing a broadly marketed RFP, and clarifying leasing and utility terms for prospective tenants.
